Investment firm Coldstream Capital Management Inc. has acquired a new position in shares of McCormick & Company (NYE:MKC), according to a filing with the Securities and Exchange Commission. The institutional investor acquired 8,317 shares of the spice manufacturer’s stock, valued at about $689,000, in the fourth quarter of 2022. Other large investors, including Align Wealth Management and Point72 Hong Kong, have also recently acquired positions in the company. McCormick & Company’s stock was up 0.9% as of Tuesday, with a market cap of $19.65bn. In Q4 2022, the company reported earnings per share of $0.73, which fell short of analysts’ consensus estimate of $0.86. However, analysts forecast the company to post 2.56 EPS for the current year. While several brokerages have given the stock a “hold” rating, Sanford C. Bernstein upgraded McCormick & Company to “outperform” in January, setting a $90 target price for the stock.
McCormick & Company Growth
Despite missing earnings estimates in its most recent quarterly report, McCormick & Company, Incorporated is expected to see growth in the coming year, according to Wall Street analysts. The company has been expanding its product offerings and making strategic acquisitions, such as its recent purchase of hot sauce maker Cholula. Additionally, the company has seen an increase in demand for its products as more people cook at home due to the COVID-19 pandemic. While some top analysts have issued sell ratings for the stock, others have upgraded the stock to outperform, indicating a more positive outlook. Overall, McCormick & Company, Incorporated remains a major player in the food industry, with a market cap of over $19 billion.
McCormick & Company Stock Analysis
McCormick & Company Incorporated has an average analyst target price of $75.00, based on the forecasts of 10 analysts, with a Hold rating. Stock Target Advisor’s analysis of the company’s stock is Slightly Bullish, with six positive and five negative signals. The stock closed at $73.28 at the last trading session, reflecting a 1.61% increase over the past week. However, the stock has declined by 3.26% over the past month and 23.86% over the past year.
Company Overview
McCormick & Company, Inc. is a company that manufactures, markets and distributes a variety of flavorful products to the food industry. It operates in two segments: Consumer and Flavor Solutions. The Consumer segment offers spices, herbs, and seasonings, as well as condiments and sauces, marketed under various brand names. The Flavor Solutions segment offers seasoning blends, spices and herbs, condiments, coating systems. Compound flavors to multinational food manufacturers and foodservice customers. The company was founded in 1889 and is headquartered in Hunt Valley, Maryland.
